<SEC-DOCUMENT>0001193125-20-306943.txt : 20210113
<SEC-HEADER>0001193125-20-306943.hdr.sgml : 20210113
<ACCEPTANCE-DATETIME>20201201153529
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-20-306943
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KOREA FUND INC
		CENTRAL INDEX KEY:			0000748691
		IRS NUMBER:				133226146
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		JPMORGAN ASSET MANAGEMENT
		STREET 2:		60 VICTORIA EMBANKMENT
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC4Y 0JP
		BUSINESS PHONE:		212-739-3000

	MAIL ADDRESS:	
		STREET 1:		JPMORGAN ASSET MANAGEMENT
		STREET 2:		60 VICTORIA EMBANKMENT
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC4Y 0JP
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>SEC Comment Response Letter</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top">


<IMG SRC="g71038g1201212623245.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ROPES&nbsp;&amp; GRAY LLP</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">PRUDENTIAL TOWER</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">800 BOYLSTON STREET</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BOSTON, MA 02199-3600</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">WWW.ROPESGRAY.COM</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">David C. Sullivan</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">T +1 617 951 7362</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">david.sullivan@ropesgray.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;30, 2020 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR</U> </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Investment Management </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street NE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Alison T. White </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>The Korea Fund, Inc. (Registration <FONT STYLE="white-space:nowrap">No.&nbsp;811-04058)</FONT> Response to
Comments Regarding Preliminary Proxy Statement</U> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms. White: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter responds to comments provided by the Staff of the U.S. Securities and Exchange Commission (&#147;Staff&#148;) on November&nbsp;19,
2020 with respect to the preliminary proxy statement filing (the &#147;Filing&#148;) of The Korea Fund, Inc. (the &#147;Fund&#148;). We respectfully submit this comment response letter on behalf of the Fund and have, for your convenience, summarized
the Staff&#146;s comments, followed by the Fund&#146;s responses, in the main body of text below. Terms used but not defined herein have the meanings given them in the Filing. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: Please confirm that holding a meeting telephonically is consistent with applicable state law
and the Fund&#146;s governing documents (with citation to the specific language in such documents). </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The
Fund confirms that holding a meeting telephonically is consistent with Maryland corporate law and the Fund&#146;s governing documents. Section&nbsp;2.2 of the Fund&#146;s Bylaws, as amended and restated as of May&nbsp;15, 2017, grants broad
discretion as to the manner of holding a shareholder meeting. The Maryland state code &#167; <FONT STYLE="white-space:nowrap">2-502.1</FONT> permits corporations to hold <FONT STYLE="white-space:nowrap">remote-only</FONT> shareholder meetings,
provided that the corporation&#146;s organizational documents authorize the board to determine the place of shareholder meetings. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: On pages four and eight of the Filing, please provide more specific disclosure as to what the
Directors will do if the Stockholders do not approve the Proposed Investment Advisory Agreement. </P></TD></TR></TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Fund has added disclosure to the definitive proxy statement that, should the
Proposed Investment Advisory Agreement not be approved by Stockholders at the Meeting, the Board may decide to appoint JPMorgan Asia or another investment adviser on a temporary basis pursuant to Rule <FONT STYLE="white-space:nowrap">15a-4</FONT>
under the 1940 Act, liquidate the Fund or pursue other possible options. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: Please advise whether the Fund submitted the investment management agreement to shareholders in
2013 when RCM was merged into AllianzGI US, and if not, why not? </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The 2013 investment management
agreement referenced above was not submitted to shareholders for approval because it was determined, on advice of counsel, that the merger of RCM into AllianzGI U.S. and the Fund&#146;s entry into the investment management agreement with Allianz GI
U.S. did not constitute a change in control or &#147;assignment&#148; of the Fund&#146;s investment management agreement in accordance with Rule <FONT STYLE="white-space:nowrap">15a-4</FONT> under the 1940 Act, including because RCM was at the time
an affiliate under common control with AllianzGI U.S. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: Please disclose the aggregate amount of the investment adviser&#146;s fee and the amount and
purpose of any other material payments by the Fund to the investment adviser, or any affiliated person of the investment adviser, during the last fiscal year of the Fund. See item 22(c)(1)(iii) of Schedule 14A. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The definitive proxy statement has been updated to provide this information. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: Does the new adviser anticipate material changes to the Fund&#146;s investment strategy,
portfolio construction, holdings, or risk profile? If so, please revise to address this so that investors may understand fully the investment-related implications arising from the new advisory relationship. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The objective and risk profile of the Fund&#146;s portfolio are not expected to materially change. JPMorgan Asia intends to
follow a fundamental bottom up investment process which differs in certain respects from the approach used by AllianzGI U.S., which is expected to result in some portfolio turnover in connection with the proposed management transition. Disclosure to
this effect has been added to page 11 of the definitive proxy statement. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: Please highlight any material differences between the Current IMA and the Proposed Investment
Advisory Agreement (other than fees). </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Fund believes the Filing&#146;s description of the
differences in services, compensation, term/termination/amendment and standard of care/liability adequately highlight the material differences between the Current IMA and the Proposed Investment Advisory Agreement. </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: Please provide a copy of the completed fee tables prior to filing the definitive proxy, if
possible. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: Below, please find the completed fee tables included in the definitive proxy statement. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="78%"></TD>

<TD VALIGN="bottom" WIDTH="19%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Under&nbsp;Current&nbsp;IMA</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Management Fees (advisory and administrative)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.75</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.47</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Annual Expenses</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1.22</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Estimated&nbsp;</B><B><I>Pro&nbsp;Forma</I></B><B></B><B><I><BR></I></B><B>Under<BR>Proposed&nbsp;Investment<BR>Advisory Agreement</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Advisory Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.70</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Administrative Fees*</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.05</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Expenses**</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0.47</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Total Annual Expenses</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1.22</B></TD>
<TD NOWRAP VALIGN="bottom"><B>%&nbsp;</B></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>*</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B></B>Includes certain administrative fees and expenses payable by the Fund under the contemplated Fund
Administrative Services Agreement between the Fund and JPMorgan Chase in accordance with the Fee Agreement, which are expected to be $78,000 per annum. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>**</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B></B>Includes, among other expenses, custody, fund accounting and other fees and expenses payable by the Fund
to JPMorgan Chase under the contemplated Global Custody Agreement in accordance with the Fee Agreement. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">8.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: Given that approval of Proposal 1 will result in a change in the investment advisory fee,
please provide the information required by item 22(c)(9) of Schedule 14A. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The definitive proxy
statement has been revised to provide this information. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">9.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: Please clarify what is meant by the statement that the Board has adopted the Conditional
Performance-Based Tender Offer Policy &#147;[i]n connection with the Proposed Investment Advisory Agreement.&#148; Is the policy described in a separate written agreement? If so, please file it. The Staff may have further comments.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: At the same Board meeting at which the Proposed Investment Advisory Agreement was approved, the Board
approved the Conditional Performance-Based Tender Offer Policy as described in the Filing. The relevant resolution is copied here: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">VOTED:&nbsp;&nbsp;&nbsp;&nbsp;That the Directors hereby adopt the following policy with respect to the Fund: </P>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">The Board of Directors of the Fund will cause the Fund to conduct an issuer tender offer for an
amount to be determined by the Board of Directors up to twenty-five percent (25%) of its then issued and outstanding shares of common stock on or before September&nbsp;30, 2024, and thereafter on each third year anniversary of September&nbsp;30,
2024, if the Fund&#146;s total return investment performance measured on a net asset value basis does not equal or exceed the total return investment performance of the MSCI Korea 25/50 Index (as described and measured in the Fund&#146;s
June&nbsp;30, 2020 annual shareholder report) during the period commencing on April&nbsp;1, 2021 and ending on June&nbsp;30, 2024 (and for three-year testing periods thereafter), with the size of any such tender offer, the price at which shares are
to be tendered and other terms and conditions of such tender offer to be determined by the Board of Directors in its discretion based on its review and consideration of the then-current size of the Fund, market conditions and other factors it deems
relevant. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">10.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Comment</U>: Please revise the disclosure on page fourteen of the Filing to clarify whether the Board has
discretion to terminate the Tender Offer Policy or decline to authorize a tender offer notwithstanding the fund&#146;s failure to meet the performance target. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Response</U>: The Fund has revised the disclosure in the definitive proxy statement to provide that the Board may not terminate or amend the
Tender Offer Policy without shareholder approval, but that the Board does retain discretion to determine the size, price and other terms and conditions of any such tender offer. See page 14 of the definitive proxy statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe that this submission fully responds to your comments. Should you have any further questions or comments, please do not hesitate to
contact me at (617) <FONT STYLE="white-space:nowrap">951-7362.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David C. Sullivan</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">David C. Sullivan</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Angela Borreggine, Esq. </P></TD></TR></TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g71038g1201212623245.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g71038g1201212623245.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !/ #\# 2(  A$! Q$!_\0
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40RP>&YTE3:QOK@XR#P7]J 1__]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
